For this assignment, you will be beginning your work on the creation of a risk management plan. The first step of creating a risk management plan involves evaluating a businesss vulnerabilities, also known as a risk management evaluation. Vulnerabilities could come in the form of software vulnerabilities, hardware vulnerabilities, operating system vulnerabilities, lax physical security, weak procedures, and weak policies, such as a poor password policy.

A key part of the risk management process is risk management analysis. This is the practice of assessing which risks you identified are most relevant and pressing to the organization. Risk assessment determines quantitative or qualitative values of risk related to a particular asset and a particular threat. As a best practice, try to create risk assessments using quantitative measurements, which require you to assign a number or value to each risk identified. You can use an equation to measure risk quantitatively. Finally, once risks have been identified and assessed, techniques to manage risk fall into one of four categories: avoidance of risk, reduction of risk, transfer of risk, and retention.

• Discuss how the four categories listed above help minimize risk and threats, and discuss the importance of avoidance of risk and why it should be included in a risk management plan.
• Explain how risk reduction, also known as risk mitigation, can help protect your network, and why it should also be included in a risk management plan.
  • For example, you could configure redundancy for your most critical systems, such as, if the original system were to go down, the redundant system could take over and continue providing services.
• Describe transfer of risk, such as outsourcing or insuring against the risk, and why it should be included in a risk management plan.
• Discuss retention (accepting the risk and budgeting for it) and why it should be included in a risk management plan